Covid-19 briefing
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- ECONOMIC IMPACT -
Latest update: 20 January
After weeks of gradual decline, GDP estimates for many countries have levelled off.
Polls show that employment prospects have consistently improved since July 2020.
2.3%
The Chinese economy's full year growth was 2.3% in 2020, the slowest rate in more than four decades according to National Bureau of Statistics.
2.9%
Rating Agency S&P forecasts the economic growth rate of Russia at 2.9% in 2021 and 2.7% in 2022, following an estimated contraction of 3.5% in 2020.
Impact of Covid-19 on employment outlook
- SECTOR IMPACT: OIL & GAS -
Latest update: 3 February
unemployment
15,000
The US oilfield equipment and services sector added around 15,000 jobs from September to December 2020.
33
E&P activity is gradually picking up from the Covid-19-induced downturn – the US alone added 33 rigs in January 2021.
Revenue predictions
Worldwide commencement of mass inoculation against Covid-19 has somewhat improved the prospects for energy demand recovery in 2021.
However, a sustained rise in infections across the US and Europe, as well
as resurgence of new Covid-19 clusters in China, continues to weigh on near-term demand.
Most companies have streamlined their portfolios and may find themselves in somewhat better shape to cope with the varying demand-supply dynamics.
key oil & gas market developments
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